Analysts Issue Forecasts for Core Scientific FY2024 Earnings

Core Scientific, Inc. (NASDAQ:CORZ) – Analysts at B. Riley increased their FY2024 earnings per share estimates for Core Scientific in a research report issued to clients and investors on Wednesday, February 12th. B. Riley analyst N. Giles now expects that the company will post earnings per share of ($0.06) for the year, up from their previous estimate of ($0.09). B. Riley currently has a “Buy” rating and a $17.00 price objective on the stock. The consensus estimate for Core Scientific’s current full-year earnings is $0.50 per share. B. Riley also issued estimates for Core Scientific’s Q4 2024 earnings at ($0.08) EPS and FY2025 earnings at ($0.09) EPS.

Several other brokerages also recently weighed in on CORZ. HC Wainwright increased their target price on shares of Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Roth Mkm initiated coverage on shares of Core Scientific in a research report on Friday, November 15th. They issued a “buy” rating and a $25.50 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Core Scientific in a research report on Friday, January 17th. Compass Point raised their price objective on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Stock Performance

Shares of CORZ opened at $12.51 on Friday. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The company has a market capitalization of $3.49 billion and a price-to-earnings ratio of -2.31. The firm has a 50-day simple moving average of $14.16 and a 200-day simple moving average of $13.14.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 25,277 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $410,498.48. Following the sale, the insider now directly owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. The trade was a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the sale, the chief executive officer now owns 4,128,505 shares in the company, valued at $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 744,032 shares of company stock worth $11,863,966. 32.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core Scientific

Large investors have recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new stake in shares of Core Scientific in the second quarter worth about $140,000. Creative Planning increased its holdings in shares of Core Scientific by 88.0% in the third quarter. Creative Planning now owns 32,925 shares of the company’s stock worth $389,000 after acquiring an additional 15,413 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Core Scientific by 10.4% in the third quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock worth $452,000 after acquiring an additional 3,591 shares in the last quarter. OLD National Bancorp IN bought a new stake in shares of Core Scientific in the third quarter worth about $164,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in shares of Core Scientific in the third quarter worth about $3,321,000.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.